Corbion Nv · EURONEXT:CRBN
Corbion Nv — Q1 2022 Earnings Presentation
12 slides from Corbion Nv's earnings presentation, Apr 29, 2022
Slide 1: Q1 2022 Results
Q1 2022 RESULTS OLIVIER RIGAUD (CEO) 29/04/2022 EDDY VAN RHEDE VAN DER KLOOT (CFO)
Slide 2: Key Points
Q1 2022 RESULTS Key Points • Organic sales growth core activities 19.6% • Growth driven by all three business units • Adjusted EBITDA: € 40.0M (12.5% margin), organic growth -14.8% • Pricing initiatives beginning to bear fruit • Prioritizing price increases and product mix improvements 2 29/04/2022
Slide 3: Net sales and Adjusted EBITDA: Q1 2022
Q1 2022 RESULTS Net sales and Adjusted EBITDA: Q1 2022 € million YTD 2022 YTD 2021 Growth YTD Net sales Core 276.2 218.6 26.3% - Sustainable Food Solutions 170.8 138.9 23.0% - Lactic Acid & Specialties 95.8 74.5 28.6% - Incubator 9.6 5.2 84.6% Non-core 43.9 32.9 33.4% Total Net Sales 320.1 251.5 27.
Slide 4: Sales growth per segment in Q1 2022
Q1 2022 RESULTS Sales growth per segment in Q1 2022 Acquisitions/ Net sales Volume Price/Mix Organic Currency Total growth (Divestments) Q1 2022 vs Q1 2021 Core 2.4% 16.8% 19.6% 6.6% 0.1% 26.3% - Sustainable Food Solutions -0.1% 15.8% 15.6% 7.2% 0.2% 23.0% - Lactic Acid & Specialties 4.1% 18.7% 23.5
Slide 5: Core Adjusted EBITDA bridge Q1 2022
Q1 2022 RESULTS Core Adjusted EBITDA bridge Q1 2022 50 • € 3M increase in fixed costs due to last year’s FTE increase related to organizational investments 2.6 2.3 5.6 0.2 2.6 € mln 38.1 34.7 0 Adj. EBITDA Volumes Pricing and Fixed costs Currency Acquisitions Adj. EBITDA Core YTD mix impact Core YTD
Slide 6: Sustainable Food Solutions
Q1 2022 RESULTS Sustainable Food Solutions € million Q1 2022 Q1 2021 • Net sales organic growth of 15.6% Net sales 170.8 138.9 • Volume growth limited Organic growth 15.6% 12.4% • Significant price increases across all categories • Focus on price/mix improvements Adjusted EBITDA 19.8 23.2 Adjusted E
Slide 7: Lactic Acid & Specialties
Q1 2022 RESULTS Lactic Acid & Specialties • Net sales organic growth of 23.5% € million Q1 2022 Q1 2021 • Volume growth limited due to capacity constraints Net sales 95.8 74.5 Organic growth 23.5% 1.9% • Significant price increases across all categories Adjusted EBITDA 19.7 18.3 • Adjusted EBITDA ma
Slide 8: Incubator
Q1 2022 RESULTS Incubator € million Q1 2022 Q1 2021 • Net sales organic growth of 73.1% Net sales 9.6 5.2 • Sales growth driven by AlgaPrime DHA (omega-3) Organic growth 73.1% 200.0% • Adjusted EBITDA loss increased from € -3.4 million to € -4.8 Adjusted EBITDA (4.8) (3.4) million, mostly due to FX
Slide 9: Total Corbion PLA joint venture
Q1 2022 RESULTS Total Corbion PLA joint venture € million * Q1 2022 Q1 2021 • Net Sales organic growth of 20.5% Net sales 48.0 37.1 • EBITDA margin lower vs last year as higher input and freight costs EBITDA 15.6 15.9 offset positive operational leverage EBITDA margin 32.5% 42.9% *Results on100% bas
Slide 10: Non-core activities
Q1 2022 RESULTS Non-core activities € million Q1 2022 Q1 2021 • Net Sales organic growth of 24.0% in Emulsifiers through price increases Net sales 43.9 32.9 Organic growth 24.0% 3.2% • Margin pressure in largely caused by substantial dilutive effect of price increases Adjusted EBITDA 5.3 5.8 Adjuste
Slide 11: Outlook 2022 unchanged
Q1 2022 RESULTS Outlook 2022 unchanged • Net Sales Organic growth core activities 15-20% • Adjusted EBITDA margin core activities: 12-15% 11 29/04/2022
Slide 12: Investor relations
Investor relations Jeroen.van.Harten@corbion.com www.corbion.com +31 20 590 6293